Covenant of Sonship by Oluwagbemiga Olowosoyo

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Book review

Price is the money name of materialized labor product. Consequently, the equivalence of the goods and the amount of money, the name of which has its price, is a tautology, and in general the relative expression of value of the goods is at the same time an expression of the equivalence of two products. [78] But if the price as an indicator of the value of the cost of goods is at the same time, an indicator of its exchange ratio with money, then it does not follow the reverse situation, that the rate of exchange ratio of goods to the money must necessarily be indicative of the magnitude of value. Let the socially necessary labor is equal to the value expressed in one quarter of wheat and 2 pounds (about 1/2 ounce). 2 f. Art. has a monetary value of magnitude cost quarter of wheat, or its price. But if the circumstances allow you to assign a price of ? 3 per quarter. Art. or are forced to reduce it to ? 1. Art., it is obvious that one f. Art. too little, and 3 f. Art. too much expression of the value of the cost of wheat, - nevertheless, 1 f. Art. and 3 f. Art. the essence of wheat prices, because, firstly, they are its form of value, money, and, secondly, the performance of its exchange ratio with money. At constant production conditions or unchanged productive power of labor for the reproduction of one quarter of wheat should be spent in all cases the same amount of social labor time. This fact does not depend on the will of any wheat producers or other commodity owners. The value expresses the cost of goods, so necessary, immanent to the process of creation of the goods its relation to social working hours. With the transformation of the magnitude of value in the price is a necessary attitude manifests itself as exchange ratio for this product is outside its cash items. But this ratio of exchange may be expressed as the value of the product value and the plus or minus in comparison with it, which is accompanied by alienation goods under these conditions. Consequently, the possibility of quantitative discrepancy rates to the value of value, or the possibility of price deviation from the value of the value lies in the very form of prices. And this is not a disadvantage of this form - on the contrary, it is this feature of making it adequate form of a mode of production in which the rule can make its way through the messy chaos only as a blindly operating law of averages.